毛利率50.9%，光储界黑马再次递表IPO

Core Viewpoint - SigenStor, founded by Xu Yingtong, is making a second attempt to go public in Hong Kong after updating its prospectus, showcasing significant revenue growth and a strong market position in the energy storage sector [1][2]. Financial Performance - SigenStor's revenue has increased exponentially from zero in 2022 to RMB 583 million in 2023, and projected to reach RMB 1.33 billion in 2024, marking a growth of 22.8 times [2][3]. - In the first four months of 2025, revenue surged nearly tenfold year-on-year to RMB 1.206 billion, just shy of the total revenue for 2024 [2][3]. - The gross margin improved from 31.3% in 2023 to 50.9% in the first four months of 2025 [2][3]. Profitability - SigenStor reported losses in 2022 and 2023, but achieved profitability in 2024 with a net profit of RMB 0.838 million, and further increased to RMB 1.872 billion in the first four months of 2025 [3][4]. Product and Revenue Structure - The primary revenue driver is the SigenStor all-in-one energy storage and charging system, which accounted for 91.2% of total revenue in the first four months of 2025 [5][6]. - The company is investing in R&D and product differentiation to reduce reliance on a single product line and explore new business opportunities [6][7]. Market Focus - SigenStor primarily targets overseas markets, with European orders constituting 72.6% of total sales in 2023, and the share from mainland China doubling to 24.7% in 2024 [8]. - The company has established partnerships with 119 distributors across over 60 countries, ensuring a diversified customer base [8]. Production Capacity - SigenStor operates three production facilities with a total annual design capacity exceeding 31,000 inverters and 4.3 GWh of energy storage batteries [9][10]. - The utilization rate of energy storage battery production facilities reached 92.8% in the first four months of 2025, indicating efficient production [9][10]. Future Plans - To address capacity constraints, SigenStor plans to expand production capabilities, including a new factory in Nantong, Jiangsu, expected to be completed by Q4 2026 [10].